Berachain Surpasses Base and Arbitrum with $3.24 Billion TVL Growth

The total value locked (TVL) in Berachain has surged to $3.24 billion, positioning the network in sixth place, surpassing both Base ($3.21 billion) and Arbitrum ($2.91 billion).

Over the past week, Berachain’s TVL has grown by 20%, amid a prevailing negative trend among its competitors.

Currently, Berachain hosts 33 protocols, with the leading one being the LST platform Infrared Finance valued at $1.51 billion. It is followed by the DEX Kodiak at $1.11 billion and the yield aggregator Concrete at $803 million.

The native cryptocurrency of Berachain, BERA, is trading at $6.94. The coin ranks 115th in market capitalization, which stands at $748.6 billion. Its FDV is calculated at $3.48 billion.

Berachain is a modular Layer 1 blockchain that supports the EVM. The network utilizes a Proof-of-Liquidity consensus algorithm, a variation of delegated Proof-of-Stake. This model incorporates three assets: BERA for gas fees, BGT for governance, and HONEY as a stablecoin.

In April 2023, the team behind Berachain raised $42 million. A year later, they plan to secure an additional $100 million.

Lastly, it’s important to recall that the mainnet launch and the airdrop of BERA took place on February 6.